ExxonMobil has agreed to acquire a large stake in Ghana’s Jubilee oil field from its private equity owners, paying about $4 billion for one of Africa’s most potentially lucrative oil discoveries in recent years.
The deal was first mooted at the end of last year and attracted interest from many of the world’s big oil groups, but became bogged down by horse-trading with Ghana’s government.
It would generate about a four-times return for Blackstone and Warburg Pincus, which together invested $800 million in Kosmos Energy, owner of the Jubilee stake. Read the rest of this entry »
Kosmos Energy, LLC, a closely held U.S. explorer in West Africa, raised $750 million in loans to fund a project in Ghana. The financing will fully fund Kosmos’s share of Ghana’s Jubilee field phase-one development, Chief Financial Officer Greg Dunlevy said today in a statement. Kosmos Energy, a Dallas-based company, used oil-field assets as collateral to secure the loans, $550 million of which mature in December 2015, Kosmos said. 
